Stock Market & Financial Investment News

SunCoke Energy and VISA Stell launch joint venture in IndiaSunCoke Energy and VISA Steel Limited announced the official launch of their cokemaking joint venture in India. The new joint venture will be called VISA SunCoke Limited. SunCoke Energy holds a 49% interest in the joint venture, with VISA Steel holding the remaining 51%. SunCoke has invested approximately $67M to acquire a 49% stake in the joint venture. VISA SunCoke Limited is comprised of a 400,000 metric ton heat recovery coke plant, and the associated steam generation units at Kalinganagar in Odisha, India. SunCoke and VISA Steel will co-manage the business with equal representation on the partnership's board.

SunCoke drops after customer announces plans to idle Granite City operationsShares of SunCoke Energy (SXC) and SunCoke Energy Partners (SXCP) are both sharply lower after U.S. Steel (X), the principal customer of their Granite City cokemaking facility, announced it will consolidate its North American Flat-Rolled operations and temporarily idle its Granite City Works operations. The consolidation is part of an on-going adjustment of steelmaking operations throughout North America to match customer demands, said U.S. Steel, which noted that it routinely adjusts production at its operating facilities to reflect "market fluctuations." In morning trading, Suncoke Energy shares fell 11% to $15.01, while Suncoke Energy Partners dropped 10.25% to $19.87.